JD.com $1.5 billion acquisition of Walmart's China ecommerce business

Overview:

• JD.com—China's largest internet company by revenue—has acquired Walmart's China ecommerce business for $1.5 billion. 
• The deal sees Walmart sell its online China business, Yihaodian, for a 5% stake in JD.com.
• Walmart and JD.com aim to increase the product selection for customers across China, including broadening the range of imported products.
• Morgan Stanley acted as Walmart’s financial advisor.
• Orrick Herrington & Sutcliffe (Jeffrey Sun, Ning Zhang, Connie Cheung, Yufeng Ma) advised JD.com, with Han Kun acting as PRC counsel.
• Morrison & Foerster (Chuck Comey, Chuan Sun, Mike Krigbaum, Catherine Rong) acted as the legal advisor for Walmart.

Adam Majeed - Asia Editor